EU leaders consider how to limit gas prices

Key takeaways: 

  • Poland, which opened a new gas pipeline to Norway, supported gas prices.
  • Governments across Europe have struggled to find ways to protect their consumers from rising energy bills as Ukraine hits Russia’s market. 

At an EU summit in Prague on Friday, 27 European leaders are urged to stabilize gas prices, although many are wary of the idea.

Fifteen countries want European restrictions to be imposed on gas prices, while European Commission President Ursula von der Leyen believes there should be some temporary price cap. The recent explosion of the German Nord Stream 1 gas pipeline in the Baltic Sea has clearly explained how much European countries can now rely on Russian gas imports. The German gas network operator has warned that consumers have been using more than the previous years in Italy to limit the time and temperature for heating many homes. Some countries warn that wholesale prices may affect gas security in Europe because it will increase consumption.

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EU member states have already agreed to other measures to protect consumers, taxing the profits of fossil fuel companies and imposing a tax on the earnings of non-gas electricity producers. – get. They also agree that a 5% reduction is a rule of thumb for electricity.

It’s a start, but it’s not long-term, and it’s not a structural change. So what alternatives and EU pricing could work?

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